The Australian Dollar (AUD) continues to rise against the US Dollar (USD) following the Reserve Bank of Australia’s (RBA) decision to maintain the Official Cash Rate (OCR) at 4.35%. RBA Governor Michele Bullock’s comments regarding inflation and interest rates have also contributed to the AUD’s positive momentum.
While the RBA’s strategy does not currently align with near-term rate cuts, market expectations for a rate cut in November have increased. This, coupled with weakening US Dollar due to employment data, has led to the AUD/USD pair strengthening.
Market Updates: Australian Dollar Surges on Hawkish RBA Outlook
- The AiG Australian Industry Index showed improvement in July, despite ongoing contraction over the past twenty-seven months.
- Treasurer Jim Chalmers challenged the RBA’s view on the economy and inflation.
- RBA considered raising the cash rate due to excess demand, signaling confidence in the Australian economy.
- Fed officials express openness to rate cuts, impacting the US Dollar’s performance.
- Judo Bank Australia’s PMI indicates a slight contraction in services activity.
Technical Analysis: AUD/USD Approaches 0.6550
The AUD/USD pair is trading around 0.6540, with potential for further upward movement. Support levels at 0.6490 and 0.6470, while resistance at 0.6540 and 0.6575 could influence price action.
AUD/USD: Daily Chart
Australian Dollar Price Today
The Australian Dollar has shown strength against major currencies today, with notable gains against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.14% | -0.06% | 1.58% | -0.04% | -0.42% | -1.00% | 0.59% |
Australian Dollar FAQs
Understand the key factors influencing the Australian Dollar’s performance, from interest rates to trade balance, to make informed financial decisions.